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The Internal Revenue Service urges employers to take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll.
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As part of a larger effort related to the Taxpayer First Act, the Internal Revenue Service announced today the creation of a new Chief Taxpayer Experience Officer position to help unify and expand efforts across the agency to serve taxpayers.
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The IRS is open & processing mail, tax returns, payments, refunds, and correspondence. Here's guidance on the IRS' mission critical functions during the pandemic.
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As people get ready to file their 2020 tax return, the IRS reminds taxpayers they can find answers to their tax questions from the safety of their home using IRS online tools and resources. These IRS.gov tools are easy to use and available 24 hours a day.
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The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.
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IRS Free File – online tax preparation products available at no charge – launched today, giving taxpayers an early opportunity to claim credits like the Recovery Rebate Credit and other deductions, the Internal Revenue Service announced.
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Taxpayers who paid too little tax during 2020 can still avoid a tax-time bill and possible penalties by making a quarterly estimated tax payment now, directly to the Internal Revenue Service. The deadline for making a payment for the fourth quarter of 2020 is Friday, January 15, 2021.
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The Internal Revenue Service reminded businesses and other payors that the revised Form 1099-MISC, Miscellaneous Income, and the new Form 1099-NEC, Nonemployee Compensation, must be furnished to most recipients by February 1, 2021.
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The Treasury Department and the IRS are issuing millions of second Economic Impact Payments by prepaid debit card to speed delivery of the payments to as many people as possible.
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According to an SBA news release issued January 8, 2021, the PPP will re-open the week of January 11. Only community financial institutions will be able to make new PPP loans on January 11 and second draw PPP loans on January 13. Shortly thereafter, all participating lenders will be able to make loans.
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The application window for Paycheck Protection Program (PPP) forgivable loans will open Friday for lenders with $1 billion or less in assets, the US Small Business Administration and Treasury announced.
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National Taxpayer Advocate Erin M. Collins released her 2020 Annual Report to Congress, focusing on the unprecedented challenges taxpayers faced in filing their tax returns and receiving refunds and stimulus payments during a year consumed by the COVID-19 pandemic. The report also finds that a roughly 20% inflation-adjusted reduction in the IRS's budget since fiscal year (FY) 2010 has left the agency with antiquated technology and inadequate staffing levels to meet taxpayers' needs.